U.S. energy company ConocoPhillips said on Tuesday that it has entered into an agreement to sell its business in Algeria to Indonesia's state-owned oil and gas company Pertamina for $1.75 billion.
The Algeria business, ConocoPhillips Algeria Ltd., holds interests in three major onshore oil fields, with a net production averaged at 1,100 barrels of oil equivalent per day through October, the Houston-based ConocoPhillips said in a news release.
The deal is expected to close by the middle of 2013, the company said.
"The sale of our Algerian business unit represents another important step in transforming ConocoPhillips' asset base, and advances the strategic interests of both Pertamina and ConocoPhillips," said Don Wallette, executive vice president of ConocoPhillips.
The proposed sale of its Algerian business unit is part of ConocoPhillips' overall effort to shuffle its assets. The company has sold more than $20 billion in assets and investments since 2010.
The company is focusing more on the U.S. market and has seen growth this year in unconventional plays like the Eagle Ford and Bakken.
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